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JinkoSolar (JKS) Tops on Q3 Earnings, Ups Shipment View
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JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported third-quarter 2016 non-GAAP earnings per American Depositary Share (ADS) of $1.12, beating the Zacks Consensus Estimate of 84 cents by 33.3%. The reported figure, however, declined significantly from the year-ago quarter earnings of $3.12 per ADS.
Total Revenue
In the quarter under review, JinkoSolar’s total revenue of $855.3 million surpassed the Zacks Consensus Estimate of $722 million by 18.5%.
On a year-over-year basis too, the top line surged 39.1% primarily driven by an increase in revenues from electricity generation and a higher pace of growth in solar module shipments compared to the decrease in average selling prices.
In the third quarter of 2016, total solar product shipment was 1,606 megawatts (MW), up 41.6% year over year primarily on the back of higher shipments of solar modules, silicon wafers and solar cells. Of this, nearly 50 MW were used in downstream projects.
JinkoSolar’s total operating expenses increased 36.7% year over year to $98.5 million primarily due to higher shipping and warranty costs, and a change in provisions of accounts receivable.
The company incurred $32.9 million as interest expenses, up 50.3% mainly due to an increase in loans used for solar power projects.
JinkoSolar continues to support green power generation having connected 1,314 MW of solar power projects to the grid as of Sep 30, 2016.
Financial Condition
As of Sep 30, 2016, JinkoSolar had cash and cash equivalents of $503.1 million, down from $654.4 million as of Dec 31, 2015.
Total interest bearing debts as of Sep 30, 2016 were $2.17 billion, compared with $1.59 billion as of Dec 31, 2015.
Guidance
For the fourth quarter of 2016, JinkoSolar expects total solar module shipments in the range of 1.7–1.8 GW.
For the full year, the company raised its expectation for total solar module shipments to the range of 6.6–6.7 GW.
Peer Releases
SolarCity Corp. reported an adjusted loss of $2.27 per share in the third quarter of 2016, narrower than the Zacks Consensus Estimate of a loss of $2.35. The company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Vivint Solar, Inc. , another Zacks Rank #2 stock, posted a loss of 36 cents per share in the third quarter of 2016, narrower than the Zacks Consensus Estimate of a loss of 46 cents.
First Solar, Inc. (FSLR - Free Report) carries a Zacks Rank #3 (Hold). The company recorded operating earnings of $1.22 per share in the third quarter of 2016, beating the Zacks Consensus Estimate of 63 cents.
Zacks Rank
JinkoSolar currently carries a Zacks Rank #4 (Sell).
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JinkoSolar (JKS) Tops on Q3 Earnings, Ups Shipment View
JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported third-quarter 2016 non-GAAP earnings per American Depositary Share (ADS) of $1.12, beating the Zacks Consensus Estimate of 84 cents by 33.3%. The reported figure, however, declined significantly from the year-ago quarter earnings of $3.12 per ADS.
Total Revenue
In the quarter under review, JinkoSolar’s total revenue of $855.3 million surpassed the Zacks Consensus Estimate of $722 million by 18.5%.
On a year-over-year basis too, the top line surged 39.1% primarily driven by an increase in revenues from electricity generation and a higher pace of growth in solar module shipments compared to the decrease in average selling prices.
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Quarterly Highlights
In the third quarter of 2016, total solar product shipment was 1,606 megawatts (MW), up 41.6% year over year primarily on the back of higher shipments of solar modules, silicon wafers and solar cells. Of this, nearly 50 MW were used in downstream projects.
JinkoSolar’s total operating expenses increased 36.7% year over year to $98.5 million primarily due to higher shipping and warranty costs, and a change in provisions of accounts receivable.
The company incurred $32.9 million as interest expenses, up 50.3% mainly due to an increase in loans used for solar power projects.
JinkoSolar continues to support green power generation having connected 1,314 MW of solar power projects to the grid as of Sep 30, 2016.
Financial Condition
As of Sep 30, 2016, JinkoSolar had cash and cash equivalents of $503.1 million, down from $654.4 million as of Dec 31, 2015.
Total interest bearing debts as of Sep 30, 2016 were $2.17 billion, compared with $1.59 billion as of Dec 31, 2015.
Guidance
For the fourth quarter of 2016, JinkoSolar expects total solar module shipments in the range of 1.7–1.8 GW.
For the full year, the company raised its expectation for total solar module shipments to the range of 6.6–6.7 GW.
Peer Releases
SolarCity Corp. reported an adjusted loss of $2.27 per share in the third quarter of 2016, narrower than the Zacks Consensus Estimate of a loss of $2.35. The company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Vivint Solar, Inc. , another Zacks Rank #2 stock, posted a loss of 36 cents per share in the third quarter of 2016, narrower than the Zacks Consensus Estimate of a loss of 46 cents.
First Solar, Inc. (FSLR - Free Report) carries a Zacks Rank #3 (Hold). The company recorded operating earnings of $1.22 per share in the third quarter of 2016, beating the Zacks Consensus Estimate of 63 cents.
Zacks Rank
JinkoSolar currently carries a Zacks Rank #4 (Sell).
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>